SEOUL, Aug 3 (Reuters) – South Korea’s foreign exchange reserves rose modestly in July, central bank data showed on Wednesday, ending four straight months of declines partly attributed to the authorities’ dollar-selling interventions to support the won.
The country’s foreign exchange reserves, measured in US dollars, rose by $0.33 billion in July to reach $438.61 billion at the end of the month, the Bank of Korea said in a statement.
It was the first monthly increase after a total decline of $23.49 billion over the past four months and only the second since October 2021.
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The BOK said the increase was due to investment income from foreign assets and an increase in foreign currency deposits from financial institutions offsetting a decline in the converted value of non-dollar assets.
The won weakened less than 0.1% against the US dollar in July after falling 4.7% in the previous month.
(Corrected story to add ‘billion’ to dollar amount in 3rd paragraph.)
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Reporting by Jihoon Lee; Editing by Michael Perry
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